Pacific Premier Bancorp Inc $PPBI Shares Sold by Northern Trust Corp

Key Points

• Northern Trust Corp reduced its stake in Pacific Premier Bancorp by 2.8%, owning now 1,149,690 shares valued at approximately $24.5 million.
• Pacific Premier Bancorp reported a quarterly EPS of $0.39, exceeding the expected $0.34, along with revenue of $145.64 million against a forecast of $147.67 million.
• The company declared a quarterly dividend of $0.33, representing an annualized dividend yield of 5.4%, with a payout ratio of 92.96%.

Northern Trust Corp lessened its holdings in shares of Pacific Premier Bancorp Inc (NASDAQ:PPBI - Free Report) by 2.8% during the 1st quarter, according to its most recent disclosure with the SEC. The institutional investor owned 1,149,690 shares of the financial services provider's stock after selling 32,817 shares during the quarter. Northern Trust Corp owned about 1.18% of Pacific Premier Bancorp worth $24,511,000 as of its most recent filing with the SEC.

Other institutional investors have also recently made changes to their positions in the company. Nuveen LLC purchased a new stake in Pacific Premier Bancorp during the 1st quarter worth approximately $27,156,000. Azora Capital LP grew its stake in shares of Pacific Premier Bancorp by 54.4% in the fourth quarter. Azora Capital LP now owns 747,779 shares of the financial services provider's stock worth $18,635,000 after acquiring an additional 263,383 shares in the last quarter. Millennium Management LLC increased its position in shares of Pacific Premier Bancorp by 50.2% during the fourth quarter. Millennium Management LLC now owns 687,180 shares of the financial services provider's stock worth $17,125,000 after acquiring an additional 229,821 shares during the period. Nuveen Asset Management LLC raised its stake in shares of Pacific Premier Bancorp by 25.0% in the fourth quarter. Nuveen Asset Management LLC now owns 942,505 shares of the financial services provider's stock valued at $23,487,000 after acquiring an additional 188,530 shares in the last quarter. Finally, Invesco Ltd. raised its stake in shares of Pacific Premier Bancorp by 5.0% in the first quarter. Invesco Ltd. now owns 2,358,441 shares of the financial services provider's stock valued at $50,282,000 after acquiring an additional 111,641 shares in the last quarter. Institutional investors and hedge funds own 93.11% of the company's stock.

Analyst Ratings Changes

Separately, Wall Street Zen assumed coverage on Pacific Premier Bancorp in a research note on Thursday, May 22nd. They set a "sell" rating for the company. Two research analysts have rated the stock with a Hold rating, According to MarketBeat.com, the company presently has an average rating of "Hold" and an average target price of $27.50.

Pacific Premier Bancorp Price Performance

Pacific Premier Bancorp stock remained flat at $24.49 during mid-day trading on Wednesday. The company has a debt-to-equity ratio of 0.04, a quick ratio of 0.86 and a current ratio of 0.86. Pacific Premier Bancorp Inc has a one year low of $18.06 and a one year high of $30.28. The stock's fifty day moving average price is $22.57 and its 200 day moving average price is $21.78. The company has a market capitalization of $2.38 billion, a P/E ratio of 17.25 and a beta of 1.20.

Pacific Premier Bancorp (NASDAQ:PPBI - Get Free Report) last issued its earnings results on Thursday, July 24th. The financial services provider reported $0.39 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.34 by $0.05. The business had revenue of $145.64 million during the quarter, compared to analysts' expectations of $147.67 million. Pacific Premier Bancorp had a net margin of 16.13% and a return on equity of 4.85%. During the same quarter in the prior year, the business posted $0.43 EPS. As a group, sell-side analysts predict that Pacific Premier Bancorp Inc will post 1.34 EPS for the current year.

Pacific Premier Bancorp Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, August 15th. Shareholders of record on Tuesday, August 5th were paid a $0.33 dividend. This represents a $1.32 annualized dividend and a yield of 5.4%. The ex-dividend date was Tuesday, August 5th. Pacific Premier Bancorp's dividend payout ratio is currently 92.96%.

Insider Activity

In other news, General Counsel Steven R. Arnold sold 5,000 shares of Pacific Premier Bancorp stock in a transaction dated Tuesday, August 12th. The stock was sold at an average price of $22.54, for a total transaction of $112,700.00. Following the sale, the general counsel owned 51,042 shares in the company, valued at approximately $1,150,486.68. The trade was a 8.92% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Insiders own 2.29% of the company's stock.

Pacific Premier Bancorp Company Profile

Pacific Premier Bancorp, Inc operates as the bank holding company for Pacific Premier Bank that provides various banking products and services in the United States. The company accepts deposit products, which includes checking, money market, savings accounts, and certificates of deposit. Its loan portfolio includes commercial real estate owner and non-owner-occupied, multifamily, construction and land, franchise real estate secured, and small business administration (SBA); revolving lines of credit, term loans, seasonal loans, and loans secured by liquid collateral; one-to-four family and home equity lines of credit loans; and small balance personal unsecured loans and savings account secured loans.